$ETH Evening Thoughts:
The rise of the second pancake in the past few days has been sharp, and the decline these days has been fierce; the second pancake is no better than the counterfeit.
Stay away from the true love of funds in the second pancake. The second pancake can make you rich overnight, but it can also leave you with nothing in an instant.
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Speaking through the chart: The bearish flag pattern drawn on the daily chart of the second pancake has temporarily been broken. If the daily closing price cannot return to the inside of the bearish flag, watch the two positions circled in yellow on the right!
If it can return to the inside of the flag, the second pancake might surge up a bit, but it won't climb high past the doji pointed by the white arrow; this doji is the resistance level on the daily chart of the second pancake. If it cannot break through, it won't rise.
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When the volume breaks above 4361 on the right, chase the long position; when the volume breaks below 4331 on the right, chase the short position. Pay attention to the changes in volume and set proper stop-losses.
The second pancake must stabilize above 4366 on the hourly chart to look upwards towards 4403-4444; if it cannot go above 4366, it is of no use.
On the 4-hour chart, if it breaks below 4314, look down to 4225-4182. If 4314 breaks and cannot recover, the second pancake will push towards 4000.
Continuing to look at the chart: The yellow bullish trend line on the 4-hour chart of the second pancake has also been broken. Before it recovers above the trend line, going long can only be a short-term position. Only when it recovers above the trend line can it be a proper position. If you have a long position at the bottom, rebounding to near the trend line is also the position for you to reduce your holdings or take profit.
For those who like to short on the left side, you can wait for the second pancake to rebound near the trend line and short with light positions on the left. There’s nothing wrong with shorting in front of the resistance level; just set a stop-loss for the breakout. Looking at the Fibonacci on the 4-hour chart, the target position for this retracement of the second pancake is 4018.
For those who want to buy the second pancake spot, you can wait near 4018 and set a limit to buy a head position of the second pancake spot. At 8:30 tonight, there will be PCE data released, hoping it can save the current depressed market. Meeting adjourned.